Bank Code Verified

941-401, BSB Number for Delphi Bank, West End, QLD

BSB Number: 941-401

Bank: Delphi Bank

Financial Institution: BCY

Address: The Precinct G4 12 Browning Street

City: West End

State: QLD

Postcode: 4101

System: PEHto BSB numbers: What are they and why are they important? When it comes to banking, there are certain numbers that hold significant importance.

One of these numbers is the BSB number. While it may seem like a simple combination of digits, BSB numbers play a crucial role in the banking system.

They are used for identification and routing of funds, allowing for smooth and efficient transactions between financial institutions. What are BSB numbers?

BSB stands for Bank State Branch. It is a unique six-digit number that identifies specific banks and their branches across Australia.

Each bank branch is assigned a distinct BSB number, which helps to simplify financial transactions. This system was introduced in the late 1960s to streamline the routing of funds and make it easier for banks to identify each other.

Importance of BSB numbers in the banking system

BSB numbers serve as a vital piece of information for banks and customers alike. They play a key role in various banking operations including electronic fund transfers, bill payments, direct debits, and cheque processing.

Here are a few reasons why BSB numbers are important:

1. Identification: BSB numbers are used to identify individual banks and their respective branches.

This allows for accurate routing of transactions, ensuring that funds are directed to the correct destination. 2.

Routing of funds: When you initiate a financial transaction, such as transferring money to another account, the BSB number helps to determine the destination. By including the recipient’s BSB number, the banking system can quickly and accurately route the funds to the correct branch.

3. Verification of account details: BSB numbers are often used as a part of the verification process when setting up new payees or billers.

By cross-checking the BSB number with the account number provided, banks can verify that the details are accurate and minimize the risk of errors or fraudulent activity. 4.

Seamless transactions: BSB numbers streamline the process of electronic fund transfers and direct debits. They reduce the chances of errors and delays in processing, ensuring that transactions are completed smoothly and efficiently.

Using BSB numbers for identification and routing of funds

To understand how BSB numbers are used, let’s consider a scenario where you need to transfer money to a friend’s bank account. Here’s how BSB numbers come into play:

1.

Obtaining the recipient’s BSB number: Firstly, you would need to obtain your friend’s BSB number. Typically, this information can be found on their bank statement or by contacting their bank directly.

2. Initiating the transfer: When initiating the transfer, you would need to enter the recipient’s BSB number along with their account number.

These details, along with other relevant information, help the banks identify the correct branch and account for routing the funds. 3.

Routing of funds: Once the transfer is initiated, the banking system uses the BSB number to identify the recipient’s bank branch. This ensures that the funds are directed to the correct location, avoiding any potential errors or misrouting.

4. Confirmation of transaction: After the funds have been successfully transferred, you and your friend will receive confirmation of the transaction.

This confirmation includes details such as the BSB number, the account number, and the transaction reference number. In conclusion, BSB numbers are a crucial component of the banking system in Australia.

They serve as unique identifiers for banks and their branches, allowing for accurate routing of funds. By including the recipient’s BSB number in transactions, you can ensure smooth and efficient transfers.

Understanding the importance of BSB numbers is essential for anyone involved in financial transactions, whether as a customer or a banking professional. Topic 3: PEH System – Simplifying Bank Transactions

In the fast-paced world of banking, efficiency and accuracy are paramount.

To achieve this, financial institutions rely on systems like PEH (Payment Event Handling) to streamline processes and ensure seamless transactions. PEH stands for Payment Event Handling, and it plays a crucial role in the management and processing of BSB numbers, including the BSB number provided: 941-401.

What is the PEH System? The PEH system is a technology framework used by financial institutions to manage and process various aspects of payment events, including BSB numbers.

It acts as a bridge between different banking systems, allowing smooth communication and coordination between banks during transactions. The PEH system helps to automate and simplify processes, reducing the risk of errors and delays.

How does the PEH System relate to the BSB number provided? In the context of the BSB number 941-401, the PEH system would be responsible for handling and processing the associated payment events.

When initiating a transaction that involves the BSB number 941-401, the PEH system would come into play to ensure the smooth transfer of funds. It would validate the BSB number, verify the account details, and facilitate the routing of funds between the relevant financial institutions.

The PEH system works in conjunction with other banking systems, such as electronic fund transfer systems, to ensure accurate and timely transactions. It acts as a central hub that receives, validates, and processes payment events, ensuring that funds are routed correctly based on BSB numbers and other relevant information.

Topic 4: Understanding BSB Number Structure – Unlocking the Digits

BSB numbers follow a specific format and structure, consisting of six digits that carry different levels of significance. By breaking down and interpreting the BSB number 941-401, we can understand its meaning and significance within the banking system.

The structure of a BSB number typically follows the pattern of AB-CDE, where AB represents the bank code and CDE represents the branch code. Let’s explore the components of the BSB number 941-401 and their significance:

1.

Bank Code (AB): The first two digits (94) of the BSB number represent the bank code. This code uniquely identifies the financial institution associated with the BSB number.

In the case of 941-401, the bank code is 94. 2.

Branch Code (CDE): The last three digits (401) of the BSB number make up the branch code. This code identifies the specific branch of the bank where the account is located.

In the example of 941-401, the branch code is 401. Breaking down the BSB number 941-401, we can interpret its meaning:

– The bank code 94 corresponds to Delphi Bank, the financial institution associated with the BSB number.

– The branch code 401 identifies a particular branch of Delphi Bank, located at The Precinct G4, 12 Browning Street, West End, QLD 4101. Understanding the structure of BSB numbers enables efficient routing of funds and facilitates accurate identification of banks and branches.

When initiating a transaction involving the BSB number 941-401, this information allows for seamless processing, ensuring that the funds are directed to the correct bank branch. By grasping the structure and significance of BSB numbers, customers can confidently conduct transactions, while banks can deliver accurate and efficient services.

In conclusion, the PEH system acts as a central framework for processing payment events, including those involving BSB numbers. It simplifies banking operations and ensures seamless transactions.

Understanding the structure of BSB numbers, such as the bank code and branch code, enables efficient routing and accurate identification of banks and branches. The BSB number 941-401, associated with Delphi Bank’s branch in West End, QLD, exemplifies the significance and functionality of BSB numbers in the Australian banking system.

With the PEH system and an understanding of BSB numbers, the banking industry continues to evolve and innovate, providing customers with convenient and reliable financial services.

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